Hindalco further expands its aluminium ingot price by INR4600/t in response to uninterrupted LME aluminium price hike
Hindalco Industries Limited has further expanded its aluminium ingot and aluminium products prices, in line with a continuous increase in the global aluminium benchmark price. With effect from Friday, February 11, Hindalco’s aluminium ingot price has come in at INR 283,750 per tonne, up by INR 4,600 per tonne from INR 288,350 per tonne on the previous day.
Hindalco has also raised its aluminium wire rod and billets prices by INR 4,600 per tonne on February 11. While the former price has pegged at INR 294,850 per tonne versus INR 288,350 per tonne on February 9, the latter is standing at INR 297,850 per tonne compared to INR 291,350 per tonne.
Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which after February 8 surged by US$68 per tonne to reach US$3,313 per tonne, the highest in last 14 years. On a month-on-month calculation, the price has surged by US$390 per tonne or 13.34 per cent from US$2,923 per tonne.
Aluminium operations of the company, excluding those of its US arm Novelis Inc., generally account for nearly half of its total sales and 70% of its operating profit.
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